Many believe Metaverse is the next big thing after the invention of the internet itself in terms of impact and technological disruption. Still, many think the Metaverse will fail even before it takes off, and their views are not entirely unfounded.
After using Second Life, Roblox, Fortnite, Minecraft, Horizon Worlds, VRChat, etc., many found that the broader concept of Metaverse is overhyped. In this article, we will explore why most projects in the Metaverse will fail.
Big Corporations Have Already Staked Their Claim
It discusses how most small firms won’t succeed on their own for a variety of reasons, despite the fact that huge tech giants are pouring billions into the metaverse and many people are expecting significant returns on investment. Entry-level restrictions on resources, markets, skills, and finances
Tech companies including Microsoft, Meta, Google, Nvidia, Apple, Autodesk, and others are investing heavily in the platform. McKinsey consultants estimate that since 2021, a staggering $177 billion has been invested in the metaverse. Even more bullish organizations believe the market may be worth up to $5 trillion by 2030.
According to Gartner, by 2026, a quarter of the world’s population will spend at least one hour every day doing business, working, socializing, or studying in the metaverse. Additionally, 30% of businesses will have offerings prepared for the digital sphere.
To position themselves competitively, product managers should take the time to learn, investigate, and get ready for a metaverse, but it is yet too early to determine whether investments will be profitable in the long run, and if the metaverse will fail to meet its predicted potential.
In either case, the infrastructure is dominated by the big fish, and while technology trickles down, small developers still do not have the means to meaningfully create Metaverse experiences the way we all would love.
The Metaverse is a Vacant Concept
Although the web is a subset of the internet, suffice it to say that the Metaverse has existed for many years and that seeing it on a flat display screen isn’t always more interesting than doing it with VR goggles and 3D visuals.
The Metaverse of interconnected spaces could become a reality at any time. After all, it’s all about the internet and the web. We are proficient in linking. Users of Minecraft might click on an item to be taken to another game with a VR interface. There is no reason two or more games couldn’t communicate with one another with or without crypto assets being moved over fickle and underdeveloped blockchain bridges.
The reason for the lack of development isn’t due to technical difficulties; rather, businesses aren’t making an effort to make this happen. Simply said, doing so isn’t in their best interest, at least not yet.
It covers inflation, layoffs, and other economic and geopolitical factors (the China trade war) and how the decrease in disposable income for both companies and individuals and how this is affecting the growth of the Metaverse and
Low Consumer Demand
The Metaverse really doesn’t solve any modern problems and therefore will have a very low demand in today’s markets, and therefore will have a very low adoption rate until more interest is shown.
Today’s global turmoil plagued with inflation, company layoffs, and other economic and geopolitical factors such as the internationally impactful trade war between the U.S and China has led to an overall decrease in disposable income for both companies and individuals.
All these factors are affecting the growth of this young new sector and are likely one reason that many would-be projects in the Metaverse will fail before they take off.
Let’s do a little test to see whether the Metaverse really solves any of our problems. We’ll ask three questions, and if any of them answer yes, then there might be a chance.
What Problem Does Metaverse Solve?
If we take a critical look at the creation of the Metaverse, it truly doesn’t address any contemporary issues. Mark Zuckerberg typically uses an office meeting as an example when discussing the Metaverse. Mark misses interacting with others. He wants to see 3D avatars in a Metaverse room rather than human faces on a computer screen. Additionally, Mark provides examples of virtual offices, concerts, etc.
However, these instances demonstrate that Metaverse will fail to address any pressing issues facing humanity. We are merely immersing ourselves in a virtual environment. The Metaverse will not significantly enhance our quality of life the way that the Internet of Things, GPS, self-driving cars, 5G, and pretty much everything else we discuss on our website have.
Are We Missing Anything Without the Metaverse?
Virtual worlds include Second Life, Roblox, Minecraft, Fortnite, Microsoft Mesh, Horizon Worlds, and more. We can think of each of them as a separate universe. The absence of interconnection and lack of interoperability is the only distinction.
Are there any things that we’re overlooking because they’re not connected? No. We are not currently missing Metaverse. Our decision to transfer our digital assets from Minecraft to Fortnite is not urgent.
No businesses will make an effort to create the Metaverse if there is no demand. As a result, we fail to grasp the significance or urgency of Metaverse.
Will Metaverse Make Our Lives Easier?
Metaverse doesn’t make our lives better. We must keep in mind that Metaverse is more than just Virtual Reality (VR) or Augmented Reality (AR). While AR and VR have many fascinating applications, particularly as mixed reality expands beyond gaming to include additional fields and everyday comforts, the metaverse is not what the big-tech vision has in mind.
Many people were aware of the internet in its early years and how it will transform society. Perhaps not to the extent that it did, but there was a useful
But many find it difficult to imagine how the Metaverse would improve our lives or transform the future. In the virtual world, going to a performance or conference has no meaning. It’s a novelty item, but it doesn’t really make our lives better.
To conclude, many metaverse projects will Metaverse will fail due to numerous factors surrounding their conception including the fact that it does not address any modern needs, and that the infrastructure and larger market are not ready for what it has to offer.
Keep in mind that the metaverse is still in its infancy, a rough sketch of what is being sold to us as a fully-fledged painting. There is plenty of room for improvement, but as it stands, the Metaverse will fail to meet our grand expectations by the predicted times.